The Great Expression
A new financial world will emerge from the rubble.
For the Love of the Game
Wall Street will take some time to recover as popular perception shifts. The opposite of love isn't hate-it's apathy-and we're still in the middle of that psychological migration.
The 90's were about wealth, accumulation and consumption and we've now entered a period that is entirely more austere, if not more sensible.
Debt reduction and the rejection of materialism will continue to manifest as we come to terms with doing more with less.
Flashy rides and big-ticket items that were once badges of honor now serve as hollow reminders of misplaced priorities.
Humility, once viewed as weakness, will be embraced.
Doing for others-rather than asking what others can do for you-will become more commonplace as people learn to appreciate what they have rather than constantly keeping up with the Dow Joneses.
It's a lesson I learned long ago and I'm a better man for it.
The industry is evolving and once it's done, it will look drastically different. After a gut-wrenching progression of consolidation and failures, we'll be left with far fewer players and a more regulated process.
There will always be a need for broker-dealer intermediaries but their roles will shift as a function of customer need. Access to information, total transparency and human capital will be central tenets of the success stories.
This mess is a bitter pill to swallow, particularly for the mainstream American who doesn't know a derivative from a dividend. We can point fingers and wallow in the "why" or take a deep breath and begin the process of recovery.
Something good comes from all things bad and the greatest wisdom is bred as a function of pain.
It's unfortunate that the structural foundation of the global capital market system had to shake before people-and policy makers-paid attention but it is what it is and we'll do what we must.
Surround yourself with people you trust. Practice risk management over reward chasing.
Preserve capital, reduce debt and become financially aware of your surroundings. It won't be an easy road but it won't be impossible either.
For as my grandfather Ruby used to tell me, "this too, shall pass."
The doors to Festivus 2008 are officially open! Lock your spot for the critter trot as last year's soiree sold out. This is our annual event to commingle our professors, partners and Minyans while chowing down and listening to live music. The very best part? It's for the kids in the good name of my grandfather.
Want top traders to sit at your desk and share their insight and ideas?
Minyanville's Buzz & Banter - 14 day FREE trial
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at firstname.lastname@example.org.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Copyright 2011 Minyanville Media, Inc. All Rights Reserved.